Just 8.5% of firms with connections to Russia have pulled out of the country despite pressure to do so because of the war in Ukraine, according to research.

A report by two professors analysed Orbis company data and found of 1,404 EU and G7 companies with “commercially active equity investments” in Russia before the invasion, 120 (8.5%) had left by the end of November 2022.

After Russia invaded in February 2022 many firms including McDonald’s, Coca-Cola and Pepsi withdrew or suspended operations in the country following international outcry.

Local authorities in the UK responded by cancelling contracts with suppliers based in Russia.

Read more on CIPS Supply Management here.